The American economy continues to dominate based on GDP

Despite popular opinion on both sides of the aisle, American economic dominance is still remarkable, and its increasing compared to rich world peers.
Purchasing Power Parity is a metric to compare people’s well being in different economies. It takes a basket of goods approach where it looks at what it costs for people in that country to buy that basket of goods. If you examine China’s economy like this, it is larger based on currency converted purchasing power. Again, that would be what Chinese can buy in China. However, if you look at GDP, America’s 2022 GDP of $25.5 trillion represents 25% of the world’s total, which is about the same share it had in 1990. If you measure China by world share of GDP, it is only 18%.
In 1990, America represented 40% of the nominal GDP of the G7, but now that share is 58%.
Now if you go back to purchasing power parity, that metric that makes it look like China is a larger economy that America, America was 43% of the G7’s GDP in 1990 and it is now 51%.
Works Cited:
https://www.economist.com/briefing/2023/04/13/from-strength-to-strength